Cult DAO (CULT) token surged 28% on KuCoin listing

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Cult DAO (CULT) token surged 28% on KuCoin listing

 Cult DAO (CULT) token surged 28% on KuCoin listing
Image source: © Blackboard373 | Megapixl.com

Highlights:

  • Cult DAO (CULT) is a fully decentralized investment DAO.
  • With 15,794 token holders, CULT’s current market capitalization is US$54.5 million.
  • The top 50 dCULT holders are called ‘The Guardians’, and the rest are called ‘The Many’.

Cult DAO (CULT) token grabbed attention ahead of its listing on the KuCoin crypto exchange on July 7. The token traded at US$0.00001262, up 28.64%, at 7:28 am ET on Thursday.

User deposit services opened at 9:00 am UTC, while trading will start on July 8, and withdrawals from the following day. The initially supported pair is CULT/USDT.

The token rallied on Thursday on the news of KuCoin listing. Cult DAO is also considering listing on the ByBit exchange. The token is already listed on MEXC, Gate.io, Bitget, BitMart, and LBank.

What is a CULT token and how does it work?

CULT is the token of Cult DAO. With 15,794 token holders, its current market capitalization is US$54.5 million. Its circulating supply is 4,318 billion, and the total supply is 4,957 billion.

Cult DAO generates income from CULT transactions. The fund is used to develop decentralized technologies. The DAO collects 0.4% on all CULT transactions.

Once the CULT token is staked into Cult DAO, it becomes dCULT, a proof of stake token for CULT. To further explain the process, when one stakes a CULT token into DAO, a dCULT token is given in return, which can be swapped anytime to receive the original CULT amount and any applicable reward.

The top 50 dCULT holders are called ‘The Guardians,’ but they do not have voting rights. The rest of the holders are called ‘The Many’ and have voting rights.

Data Source: Coinmarketcap.com

What is Cult DAO?

Cult DAO is a fully decentralized investment DAO where only the top 50 stakers (the Guardians) can float proposals, and the rest of the stakers vote to approve or reject the proposals.

Cult DAO claims it aims to provide funding to projects contributing to the decentralized future. It supports those ready to break away from the set societal and economic norms or have an idea that can change the world. Hence, DAO proposals fight against centralization and focus on furthering the cause of decentralization. 

It also claims it is committed to expediting the collapse of the old centralized financial system where the central banks reign supreme. It envisions a society devoid of issues such as inflation, debt, poverty, etc. The project started in January this year. It was listed on coinmarketcap.com on Feb 3, and the token has since gained around 1772%.

Bottom line:

On Thursday, the global crypto market fell 23% to US$865.88 billion. The crypto market is not regulated and prone to hacking attacks and frauds; hence, investors should exercise due diligence before investing in cryptocurrency projects.

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